UniCredit to Sell EUR675 Million NPL Portfolio
November 30 2018 - 2:51AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA (UCG.MI) is selling a portfolio of nonperforming
loans with a gross claim value of roughly 675 million euros ($768
million) to an affiliate of Fortress Investment Group LLC.
The sale comes as the Italian bank pushes ahead with its
strategy to reduce nonperforming exposures.
"The impact is expected to be reflected in the fourth quarter
2018 financial statements," the lender said Friday.
The bank is selling a portfolio of Italian small- and
medium-enterprise secured nonperforming loans.
The deal comes a day after UniCredit announced the sale of
another bad-loans portfolio with a total gross claim value of
roughly EUR590 million.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 30, 2018 02:36 ET (07:36 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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